B.C.’s MineSense Partners with Mitsubishi Corporation to Grow Innovation in Mining
The mining industry is moving towards innovation and digitization and paving new paths for the future. From data, connectivity and intelligence to human–machine interaction, technology now has the potential to unlock new ways of managing variability and enhancing productivity.
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MineSense, a British Columbia-based company named to the Global Cleantech 100 for the third year in a row, is dedicated to improving the profitability and sustainability of mining through first-of-its-kind technology. MineSense is a pioneer in industrial Internet of Things providing real-time, sensor-based ore data and sorting solutions for large-scale mines. Its technology is a complete hardware and software system enabled by proprietary algorithms that measure and report the grade and characteristics of ore.
In late 2017, Mitsubishi Corporation invested a US$4 million bond in B.C.’s MineSense Technologies, converted to equity in MineSense’s US$18 million equity financing round in 2018. This investment will help the company accelerate development of its digital offering and help it expand globally.
Japan-based Mitsubishi Corporation is a globally integrated enterprise that develops and operates business across virtually every industry. The company’s current activities have expanded far beyond its traditional trading operations to include investments and business management in diverse fields including natural resources development, manufacturing of industrial goods, retail, new energy, infrastructure, finance and new technology-related businesses. Mitsubishi Corporation is keen on digitalizing the mining industry and chose to collaborate with MineSense because the company’s unique technology is anticipated to add significant value to the mining industry.
The partnership was a result of Mitsubishi Corporation’s close interaction with Trade and Invest BC’s offices in the U.S. and Japan. Mitsubishi Corporation attended a business-to-business connection day hosted by the Ministry of Jobs, Trade and Technology, where it had the opportunity to meet with eight B.C. companies. This event led to the discovery that MineSense's robust and unique mineral sensing technology could complement Mitsubishi Corporation's investment portfolio. Now, Mitsubishi Corporation and MineSense work together to add significant value to the mining industry.
British Columbia continues to drive world-leading innovation in the natural resources sector. The province is rich in resources, has a vibrant tech sector, and offers a supportive business environment that attracts investors and innovators from around the world. With over 150 years of mining history, mineral products have long been one of B.C.’s top exports. In 2017, British Columbia produced $8.8 billion worth of mine products, from high value metals to metallurgical coal and construction aggregates.
Learn more about the B.C. mining sector and stay up to speed on recent developments in B.C.’s priorities sectors by connecting with us on LinkedIn and Twitter. Alternatively, contact one of our International Trade and Investment Representatives to learn more about the advantages of investing in British Columbia.